IN BRIEF: Meridian Mining loss widens; discovers gold at Alamo

Meridian Mining PLC - London-based company focused on the Cabacal gold-copper project in Brazil - Reports a pretax loss of USD6.3 million for the three months ended March 31, widened from USD3.1 million a year prior. Operating expenses rise 15% to USD5.0 million from USD3.1 million and finance expenses grow to USD1.4 million from USD44,667 as foreign exchange losses increase to USD1.6 million from USD117,297. Also reports the discovery of gold and base metal mineralisation at Alamo. Says the exploration discovery hole CD-852 intersected 3.5 metres at 2.4 grams per tonne gold, 0.5% copper, 9.5 grams per tonne silver and 0.7% zinc from 108.9 metres.

"The discovery of gold at Alamo is a tremendous result from one of our many exploration targets. The discovery hole, CD-852, is located on the western sector of the Alamo prospect and structurally overprints the mine sequence stratigraphy. The development of gold-dominant intersections is an element we see at the Cabaçal deposit to the northwest. If Alamo's success continues, it can only strengthen the potential of realising a second operational hub at the adjacent deposit of Santa Helena Central," says Chief Executive Gilbert Clark.

Current stock price: 114.05 pence, down 0.4% on Friday in London

12-month change: up 20%

By Christopher Ward, Alliance News reporter

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